Er…what happens…especially in light of the recent farango over Shell overstating reserves and all…if the Peak Oil theory is actually…gasp…true?
‘I stress that we are not about to run out of oil, but production is about to reach a peak. When peak comes depends on the issue of Rates
· Discovery Rate – we now find one barrel of conventional oil for every four we consume
· Extraction Rate is controlled by the physics of the reservoir
· Demand is driven by economic growth and price.’